"Who is the perfect replacement? Thierry Henry? He understands football and Arsenal. I don't know, but I like Carlo Ancelotti. But that's my opinion, it doesn't mean that Arsenal need Ancelotti at this time."

Wenger signed Alexis Sanchez from Barcelona last summer and the Chile international has already scored 12 goals and managed seven assists in the league this term.

Despite his impressive performance for the Gunners, Pires believes midfielder Santi Cazorla has been the standout player for Arsenal this campaign.

"To me, Arsenal's best signing is Santi Cazorla. Fans love Alexis Sanchez, and so do I; he's quick to adapt to the Premier League - but Cazorla is so important. For the last few months, he's been our best player," the former Arsenal midfielder said.

"I wouldn't say Arsenal have made any mistakes in the transfer market. If you play for Arsenal, it means that you have some quality. Among them are really great players."

When asked whether Lacazette will suit Arsenal's style of play if he decides to make a switch to the Emirates, Pires said: "Why not? His characteristic style of play will suit Arsenal. Although he doesn't have big posture, he's quick, can dribble, and has great skill. He also scores many goals. Perhaps he will be an Arsenal best buy in the future."